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using ad-as model The latest residential property.price.data.from.the.Australian .Bureau of.Statistics.show. that housing prices.across.the nation.rose.by.more.than.20.percent.last year. .Housing.is. the most important.source of.household.wealth..Using.the.AD-AS.model, predict.how. this-develop-.ment.affects output.and the.price.level.in the .short.run.and.the.long.run,.

using ad-as model

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The latest residential property.price.data.from.the.Australian .Bureau of.Statistics.show. that housing prices.across.the nation.rose.by.more.than.20.percent.last year. .Housing.is. the most important.source of.household.wealth..Using.the.AD-AS.model, predict.how. this-develop-.ment.affects output.and the.price.level.in the .short.run.and.the.long.run,. assuming that.poli-cymakers.take no action. How.would.your answers .differ.if the. central bank.responded.with a.contractionary.monetary.policy?.9

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